Argentina President Xavier Milli dismissed the claims that he supported the Libra Memcoin, who recently saw a dramatic pump and dump, causing heavy losses to investors.
As stated by Tier10K on X, Milei said that he only shared information about tokens and never encouraged people to invest in it. He reduced the impact on Argentina, saying that only a handful of local investors – approximately four or five – were affected. He said that most of the traders involved in it were from China and America
Unlike reports that 44,000 investors were affected, Milli stated that the actual number was close to 5,000, most of which were experienced traders who understood risks. According to him, the Libra issue was a private financial matter rather than incorporating the government.
Miley also clarified that one of the figures behind Libra, Hayden Davis, proposed to create a financing structure for entrepreneurs who struggle to secure money due to informal economic conditions. He saw the initiative as some positive and simply helped spread the word.
Despite defending his actions, Milli accepted the lesson he learned from political backlash and controversies.
“I made no mistake because I acted in good faith. But when I look at the political results, I realize that I have something to learn. I need to understand that after becoming President, I continued to work like Xavier Mele as before. Unfortunately, this situation shows me that I need to increase my filter and not make myself so accessible. ,
Argentina President Xavier received
Milei attracted a lot of attention to Libra after publicly mentioned it, which contributed to growing rapidly from zero to $ 4. Its value quickly decreased than 50 cents, causing speculation of manipulation in the market. Initial investors allegedly cash up over $ 100 million, which later caused a significant loss.
As a result of the incident, political tension in Argentina has increased, and opposition leaders have called for Miley to be removed from the post to allegedly cheat people. The anti -corruption office of the nation is currently conducting a separate investigation in addition to a legal investigation under the chairmanship of Federal Judge Maria Sarvini.
The S&P Merval stock index scam fell nearly 5%, which also shook Argentina’s financial markets. Although Miley insisted that he has not done anything wrong, the debate is getting stronger and his administration is coming under more investigation.
